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Friday, 18 November 2016

Dangote refinery might render our refineries useless - minister of petroleum resources lament .

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It's here again ohhh ...
Gist about Dangote have been the talk of our mind now.
It was recorded that Dangote have been building up a refinery in Nigeria and have given an another outstanding job opportunity some time last month .
The fears in the air is that the Federal refineries we have which is about 4 in Nigeria now is at risk of fading away from the Market.
Dr .Ibe kachikwu the minister of petroleum resources have revealed to us that our refineries might come to crash in the nearest years  if Dangote start refining oil in Nigeria .

In accordance to what he said : saying if government refuse to take urgent actions about this abandoned refineries in portharcourt, warrior and Kaduna , they asset might be worthless in the nearest years after Dangote refinery might have taken up all the market positions .

One who layed out speech at the stake holders consultative forum on the draft National Gas policy and National oil policy in Abuja  on Thursday.
Saying that  Nigeria had no other option than to ensure that its refineries work in the shortest possible time.

Read minister words yourslef he said, “Refineries will have to work. It is really not an option anymore. And not only should they work, they have to work very quickly. The reality is that if we do not privatise and we do not concede them, which is not what we are doing now, then we have a responsibility to find private capital to get them to where they should be.

“This is because if we do not get them to work, in 2019, I can assure you that if the Dangote system works well, we will have scrap, we won’t have refineries, because by then it will be too late to do anything.”
Ibe urged stakeholders to work in bringing down the cost of production to a reasonable and manageable level, noting that crude oil was still being produced at $27 per barrel in Nigeria.

This production cost, according to him, is high as no decent country will produce at that amount at a period when the oil price is unpredictable.

“We are going to try to get those figures below $18 per barrel,” he said.

Hmmm the Unstoppable Dangote have come to Nigeria rescue with terms he will benefit from it 
Kudos to him.

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